SCHEDULES
SCHEDULE 2 Cash ratio deposits
Benchmark rate of interest
F17
1
The benchmark rate of interest for the purposes of paragraph 6(3) is the Bank rate.
2
In this paragraph, “Bank rate” means—
a
the official Bank rate determined by the Monetary Policy Committee of the Bank, or
b
where an order under section 19 of this Act is in force, any equivalent rate determined by the Treasury under that section.